Ch.2 #4The duality of effects can be described best as follows1) When a transaction is recored in the accounting system, and at least 2 effects on the basic accounting equation will result2) When an exchange takes place betwen two parties both parties must record, one account will account will decrfeaste3) When a transaction is recorded, one will always increase and one account will always stay the same4) When a transaction is recorded, one account will always and one account will always decrease

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Asked Oct 29, 2019

Ch.2 #4

The duality of effects can be described best as follows

1) When a transaction is recored in the accounting system, and at least 2 effects on the basic accounting equation will result

2) When an exchange takes place betwen two parties both parties must record, one account will account will decrfeaste

3) When a transaction is recorded, one will always increase and one account will always stay the same

4) When a transaction is recorded, one account will always and one account will always decrease

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Double entry system: Under double entry system of accounting each transaction of business is recorded in two a...

Accounting equation:
Assets Liabilities+ Equity
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Accounting equation: Assets Liabilities+ Equity

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